As banks become tighter about who they lend to, with preference going to their own client base, could banking with Capitec hurt your home loan application? This was a question posed by Akhona who has banked with Capitec for a long time. “I have been told that this will work against me when I apply for a home loan with one of the big banks.”
According to Wimpie Potgieter, head of credit operations at FNB home loans, the larger banks do offer home loans to those who do not bank with them.
“We do tend to prefer our own customers when it comes to home loans as we have a better understanding of their payment history and risk profile. That does not mean that we would not consider non-customers,” says Potgieter, who adds that FNB would consider loans up to 100% for salaried individuals, even if they are not their own customers – subject to certain criteria.
Potgieter says however that if you are self-employed and do not bank with them, then they would only consider a smaller home loan.
In Akhona’s case, her best approach would be to apply through a mortgage origination company such as ooba.co.za who can then send her application through to the different banks.